Raleigh Residential Real Estate – June 2006 Raleigh Real Estate Market Update

June 2006 Raleigh Real Estate Market Update

While some areas of the US are experiencing a slowdown in the real estate market, our market in the Raleigh area continued to move along in the Month of June. In fact, Wake County single and multifamily home sales year to date this year compared to 2005 are up 10.3 % ytd and Johnston County sales are up 13.8 % ytd. Durham also has an upward trend of 10 %. Only the Chapel Hill area had a lower number of sales and appears to have a continuing downward trend.

The average sale price of a Wake County resale home in June 2006 was $322,154 and the median sale price for Wake County was $183,400. Johnson County’s average resale home sale price in May 2006 was $190,909 with its median price being $148,900.

There are other positive indicators. The number of listings in the Triangle Multiple Listing Service (TMLS) are almost up 3% from June. In June the Wake County average DOM had dropped to 69 from about 82 DOM at the same time last year. Overall the Triangle area averages 75 days on market compared to 88 days last year and there is an overall supply of about 4 months.

So what does all this mean? It is still a great time to buy or sell a home or invest in residential real estate in the Raleigh area. An article this weeks Triangle Business Journal confirms this. Read the full Article:
Study sees Raleigh-Durham real estate appreciation among highest in U.S.

Contact Us if you would like the market specifics on your neighborhood or to receive a free home value analysis.  Or call us on our toll free hotline (888) 221- 5940.